Another wave of layoffs hits the financial sector, with Citi and UBS among the firms affected

New York, Jan 13 — Several major financial institutions have begun the new year with workforce reductions and organizational restructuring.

According to international media reports, Citigroup is expected to cut around 1,000 jobs this week, as part of a broader plan announced two years ago to eliminate approximately 20,000 positions by the end of 2026. In a statement, Citi said it will continue adjusting its workforce in 2026 to better align staffing levels, locations, and skill sets with current business needs. The bank did not disclose the exact number of employees affected in this round; it employed about 229,000 full-time staff at the end of 2024.

At the same time, BlackRock is also reducing headcount, cutting several hundred roles across the company. Reports indicate the layoffs represent roughly 1% of its global workforce, affecting about 250 employees, including members of its investment and sales teams. A company spokesperson said BlackRock regularly reviews resource allocation to ensure alignment with its long-term strategy and client needs.

Meanwhile, UBS is reportedly preparing to launch a new round of layoffs in mid-January, focusing on trimming administrative and non-revenue-generating positions. Management is reviewing support and coordination functions to streamline operations and improve efficiency. Reports also noted the departure of Eric Lafon, a UBS veteran of more than 25 years, who left the bank late last year by mutual agreement. Based in Singapore, he previously served as co-head of global distribution, overseeing sales coverage, client engagement, and product positioning and pricing.